https://www.taxtmi.com/caselaws?id=37412 The court upheld the valuation method for unquoted shares under Rule 1-D of the Wealth Tax Rules and rejected the deduction of estimated capital gains tax. The valuation was required to be based on the open market sale price without considering expenses, as per Section 7(1) of the Act. The court emphasized that estimated capital gains tax should not be deducted as it is not a debt actually owed by the assessee. The department prevailed on both issues, denying the deduction and awarding costs to the Commissioner of Wealth-tax. en-us Mon, 18 Sep 1978 00:00:00 +0530 Mon, 29 Mar 2010 15:23:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37412 The court upheld the valuation method for unquoted shares under Rule 1-D of the Wealth Tax Rules and rejected the deduction of estimated capital gains tax. The valuation was required to be based on the open market sale price without considering expenses, as per Section 7(1) of the Act. The court emphasized that estimated capital gains tax should not be deducted as it is not a debt actually owed by the assessee. The department prevailed on both issues, denying the deduction and awarding costs to the Commissioner of Wealth-tax. Case-Laws Wealth-tax Mon, 18 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37412